by Summary:
More foundational stuff that addresses the issue regarding why we don't have a satisfactory economic theory. The answer? Complexity. Economists prefer simple algorithms but these are not up to the job. The simple supply-demand methodology based on pop psychology (rational choice theory, rational maximization) has shown itself to be inadequate for the reasons that heterodox economists point out.And complex algorithms are, well, complex. So there is as yet no alternative theoretical framework based on a more realistic method.The Radford Free PressThe Information ConundrumPeter Radford
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More foundational stuff that addresses the issue regarding why we don't have a satisfactory economic theory. The answer? Complexity. Economists prefer simple algorithms but these are not up to the job. The simple supply-demand methodology based on pop psychology (rational choice theory, rational maximization) has shown itself to be inadequate for the reasons that heterodox economists point out.And complex algorithms are, well, complex. So there is as yet no alternative theoretical framework based on a more realistic method.The Radford Free PressThe Information ConundrumPeter Radford
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
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Economists prefer simple algorithms but these are not up to the job. The simple supply-demand methodology based on pop psychology (rational choice theory, rational maximization) has shown itself to be inadequate for the reasons that heterodox economists point out.
And complex algorithms are, well, complex. So there is as yet no alternative theoretical framework based on a more realistic method.
The Radford Free Press
The Information Conundrum
Peter Radford